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Evolving Products Into New Businesses - International Institute Of Business Analysis
 

Evolving Products Into New Businesses - International Institute Of Business Analysis

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A 2-hour workshop sharing some fundamental principles from the startup world, and some specific techniques around undersatnding your options, going to market, and adapting based on what you learn.

A 2-hour workshop sharing some fundamental principles from the startup world, and some specific techniques around undersatnding your options, going to market, and adapting based on what you learn.

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    Evolving Products Into New Businesses - International Institute Of Business Analysis Evolving Products Into New Businesses - International Institute Of Business Analysis Presentation Transcript

    • turning products to new businesses ! salim@foundercentric.com @SaintSal
    • foundercentric.com @foundercentric
    • – Lean Startup London, 2009 “I wish I knew that sooner.”
    • slow decisions kill startups.
    • what startups can teach us about product spinouts 3 Principles that founders apply Different thinking hats for learning How to decide what to learn.
    • the birthday paradox
    • Title TextFIT or SPEC?
    • Options Detail
    • you don’t know which pieces will be the right combo. yet.
    • DISCOVER VALIDATE
    • A STARTUP RIDDLE A customer wakes up, logs into a new product which they’ve been trying for 2 weeks… and they love it! The trial is over. They don’t buy. Why?
    • LEARN CONFIRM
    • COLLECT ANALYSE
    • OBSERVE EXPERIMENT
    • DISCOVER VALIDATE
    • LEARN CONFIRM
    • INFO COST
    • ACTIONABLE INFO COST
    • ACTIONABLE INFO AFFORDABLE LOSS Look in Affordable Loss by searching for Effectuation
    • learning
    • BUILD LEARN MEASURE Learning Loop - Eric Ries
    • How do we start? We’re building a community of street artists and connecting them to brands.
    • @robfitz
    • What do we build? We want to make a better television.
    • How do we compete? We’re building a word processor and don’t want to get squashed by MS Word.
    • Do you commit the cash? You have a crazy product idea but the manufacturing setup is expensive.
    • Paul Graham Launch fast and iterate. You haven’t really started working on it till you’ve launched.
    • Don’t try to figure out whether the idea is “good” or “bad”. That’s impossible... Roger Martin (paraphrased)
    • Instead, ask what would have to be true in order for it to be a huge success. Roger Martin (paraphrased)
    • Where do we start? We want to launch a support programme for the developing world but we don’t have any contacts.
    • How do you fund it? You want to use tech to modernize a stagnant service industry, but have no runway.
    • How do we get critical mass? We want to grow a marketplace, but we have no inventory, and no team.
    • How do we start a better airline? ! (with no support or money) Let’s think bigger.
    • testing the useful thing.
    • SPOT GAPS UNDERSTAND OPTIONS BALANCE FOCUS & OPPORTUNITY
    • SPOT GAPS UNDERSTAND OPTIONS BALANCE FOCUS & OPPORTUNITY
    • CUSTOMERS
    • REVENUE MODELS
    • VALUE PROPOSITIONS
    • AWARENESS TRIGGER
    • RELATIONSHIP
    • ACTION TRIGGER
    • CUSTOMERS REVENUE VALUE AWARENESS RELATIONSHIP ACTION
    • LONDONERS
    • LONDON RETAILERS
    • CHARGE FOR THE GIFT
    • REAL GIFT, INSTANTLY REDEEMABLE
    • GETTING A GIFT
    • MOBILE
    • RUNNING LATE, MISSED BIRTHDAYS, GOOD NEWS
    • LET’s Go. We’re setting ourselves up to find product/market fit. We’re making ourselves aware of opportunities and options.
    • Who will our next 10 customers be? What goals do they have? What are they trying to do?
    • What needs do your customers have? How can we help?
    • To multiply my customer base by 10, I can attract them through _____________ .
    • What are the different ways we can make money?
    • CONGRUENCY They need to make sense together.
    • do companies need personal contact?
    • IS THE BUYING DECISION TOO COMPLICATED?
    • do pop-ups work for email products?
    • How are customers used to paying for what they buy now?
    • When customers have this problem, or are tackling this task, where do they seek help and advice?
    • Which customers have different expectations about service levels or relationship?
    • Are there customers at the low-end who would pay less for lower performance?
    • How could we increase switching costs?
    • THE BIGGEST RISK FALLACY
    • Will people think of sending a gift from their phone when there’s a gift-giving opportunity?
    • Who will trust GiftCannon?
    • Will people receive a gift over their mobile?
    • THE FASTEST LEARNING ! ! ! THE BIGGEST RISK or
    • Will people receive a gift over their text message?
    • Will people receive a gift over their Facebook?
    • Send a gift with a link over email or Facebook.
    • Will recipients redeem their gift?
    • Will shops work with us to redeem gifts?
    • Will gift recipients stick around and start sending gifts themselves?
    • ACTIONABLE INFO AFFORDABLE LOSS
    • it’s tough to get critical mass in london. so jordan moved the business to oxford to learn.
    • But will this work beyond students?
    • invest in info. decide fast. adapt frequently.
    • Founder Centric HERE TO HELP! Salim Virani salim@foundercentric.com @SaintSal !